Bill > S09373

This bill amends the Retirement and Social Security Law to redefine the "overtime ceiling" for members who first become members of a public retirement system in New York State on or after April 1, 2012, excluding those in the pension authorized under Section 604-b. The overtime ceiling, which limits the amount of overtime pay that can be included in the calculation of wages for pension benefits, will be increased annually based on the consumer price index (CPI) starting from the initial $15,000 set in 2012. The bill also excludes certain types of compensation from the definition of wages for these members, such as wages exceeding the governor's salary and lump sum payments for unused leave.